Extra coverage for times when extra care is needed.
Group hospital insurance provided by Baker Welman Brown.
The costs of a hospital stay can add up quickly, regardless of the reason for admission. Even with health insurance, deductibles and copayments can push out-of-pocket expenses into the tens of thousands of dollars. The costs can climb even higher as a result of ambulance rides, emergency room visits, or ICU care. Unfortunately, most families aren’t financially prepared to deal with these medical bills.
Group hospital insurance adds another layer to your benefits.
Planned surgeries and unplanned accidents send people to the hospital all the time. Even with the best health insurance plan, hospital stays can lead to large medical bills. In fact, medical expenses are one of the leading causes of debt. Group hospital insurance can enhance your benefit options. On the other hand, this can also lead to better employee retention and boost your recruitment strategy.
Inpatient hospital stays are just the beginning.
Depending on how the group hospital insurance plan is structured, any number of hospital-related costs can be covered. Transportation by ambulance and emergency room costs are generally billed separately from the inpatient stay. In addition, inpatient or outpatient surgeries can also be covered under the plan. Diagnostic procedures and advanced care in the intensive care unit are typically covered as well.
Reduce the financial burden on employees and their families.
Many group hospital insurance policies offer a lump sum payout rather than paying on a reimbursement basis. These payouts can then be used to cover expenses that may or may not be related to the hospital stay, such as child care costs, transportation, and lodging.
Additional consideration with group hospital insurance.
Spouse and child coverage is also commonly available under these plans for employees who may want to add their family members to the plan. For instance, in some cases group hospital insurance can be portable, allowing employees the option to take the policy with them should they leave the company. While not a substitute for major medical insurance, plans can be designed to fit snugly with health insurance, even HSA-compatible models.
Questions about offering group hospital insurance to your employees? Contact us today, we’d be glad to help.
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